The Employees Provident Fund (EPF) made a surprising decision on December 23, 2024, when it relinquished its status as the major shareholder of YTL Power International Bhd.
This decision came after disposing of almost 15 million shares worth around RM61 million, based on the closing price of RM4.11 on that day.
Previously, the EPF held 412 million shares, equivalent to a 5.019% stake in the company.
This EPF decision attracted a lot of attention after YTL Power shares jumped 16% recently, driven by the MACC's action to clear the name of its subsidiary, YTL Communications, from the 1BestariNet project controversy.
On December 20, YTL Power shares reached RM4.30, giving the EPF the opportunity to earn returns of up to RM64 million.
Is this a smart strategy to restructure the portfolio or just a temporary adjustment?
Regardless, this windfall is clearly benefiting the EPF towards the end of the year.